The US cannot use pressure to force a trade deal on China, a senior Chinese official and trade negotiator said yesterday, refusing to be drawn on whether the leaders of the two countries would meet at the G20 summit to bash out an agreement.
Speaking at a news conference, Chinese Vice Minister of Commerce Wang Shouwen (王受文) said that it was irresponsible of the US to accuse China of backtracking.
“If the US side wants to use extreme pressure, to escalate the trade friction, to force China to submit and make concessions, this is absolutely impossible,” said Wang, who has been part of China’s negotiating team.
Switching into English, he said: “Nothing is agreed until everything is agreed.”
“During the consultations, China has overcome many difficulties and put forward pragmatic solutions. However, the US has backtracked, and when you give them an inch, they want a yard,” he said.
The US had made “unreasonably high” demands and insisted on adding “demands relating to China’s sovereign rights” to the countries’ agreement, Wang said.
The raising of tariffs escalated tensions and severely frustrated the talks, he added.
US President Donald Trump has said that he would meet Chinese President Xi Jinping (習近平) at the G20 summit in Osaka at the end of the month, although China has not confirmed the meeting.
When asked if Xi would meet Trump in Japan, Wang said: “I don’t have any information on this to provide.”
Wang, who was speaking at the unveiling of a new government policy paper on the trade dispute, said that US officials overestimate the trade deficit between the two countries and China should not be blamed for a decline in US manufacturing jobs.
The US goods and services deficit with China is closer to US$150 billion and not the US$410 billion quoted by US officials, he said, adding that China’s processing trade with the US should not be included in deficit calculations.
The white paper cited three instances of the US backtracking on its commitments, adding that Washington was responsible for setbacks in the talks.
It said that China had enough fiscal and monetary policy tools and “good momentum” to sustain economic development despite the trade dispute.
Wang also rejected assertions that Beijing is directing domestic companies on overseas acquisitions and investments.
“China’s government is not involved in the specific commercial behavior of companies, and won’t instruct or require companies to invest in a project or buy a technology,” he said.
Wang said China is willing to meet demand for rare earths from other countries, but that it would be unacceptable if some nations used Chinese rare earths to create products that limited China’s development.
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
NO VIRUS BLUES: A SEMI Taiwan official said that the virus does not slow down the global semiconductor industry’s investment in manufacturing equipment The production value of the nation’s semiconductor industry is expected to grow 16.7 percent this year from last year, outpacing the global industry’s 3.3 percent growth, industry association SEMI said yesterday. That would help Taiwan safeguard its second spot in the global semiconductor market with a production value of more than NT$3 trillion (US$102.73 billion), SEMI Taiwan president Terry Tsao (曹世綸) told a media briefing in Taipei for the Semicon Taiwan trade show beginning today. The global semiconductor industry’s production value is expected to increase to US$426 billion this year, SEMI said. In terms of semiconductor equipment investment, equipment billings from Taiwanese firms
Intel Corp has received licenses from US authorities to continue supplying certain products to Huawei Technologies Co (華為), a company spokesman said yesterday. Washington has been pushing governments around to world to squeeze out Huawei, saying that the telecom giant would hand data to Beijing for espionage. From Monday last week, new curbs have barred US companies from supplying or servicing Huawei. This week, the state-backed China Securities Journal reported that Intel had received permission to supply Huawei. China’s Semiconductor Manufacturing International Corp (SMIC, 中芯國際), which uses US-origin equipment to make chips for Huawei and other companies, last week confirmed that it had sought
Taipei Times: When do you think the hospitality industry can return to how it was before the COVID-19 pandemic? How does Formosa International Hotels Group (FIH, 晶華酒店集團) fare this quarter and beyond? FIH chairman Steve Pan (潘思亮): The virus outbreak will have a serious impact on business travel, driven mainly by meetings, incentive travel, conferences and exhibitions over the past three decades. For the past six months, many businesspeople have grown used to exchanging information on the Internet, where more people can participate. The trend might sustain for three to five years until people are vaccinated and it is safe to